Economists offers various answers according to their researches . in the western society , due to the existence of asymmetric information and agency problem , corporate financing generally follows the practices of first internal finacing , then bond financing , and finally stock financing 在西方，由于不对称信息、代理问题的存在，在工业发达国家，企业融资顺序一般为：首先是内部融资：其次是债务融资；最后是股票融资。
In order to help issuing government bond in the past few years , corporate bond financing was strictly limited . therefore , systemic innovation should be given first priority . restrictions should be loosened and supervision should be strengthened 因此，要发展企业债券融资的当务之急是进行制度创新，首先从政策法规的制度层面为企业债券融资开闸放行，同时要立好门槛，提高监管水平，使企业债券融资稳步有序地驶入法制化、市场化的发展轨道。
Based on the theory drawn from above , the author re - compares two sides : bond financing side and stock financing side , then makes conclusion that the cost of stock financing is lower than that of bond financing from the management side in the nonstandard marketing environment of china by analyzing the status of our stock market , enterprise management , property right of traditional national owned enterprise and policy orienting 在一部分的分析中作者沿用上部分的理论分析框架，根据我国证券市场、公司治理、传统国有企业产权制度、政策导向等的现状，重新加以比较分析得出：在我国非规范市场经济环境下，从管理层的角度出发，股票融资成本低于债券融资成本。
The chapter 1 of this text make brief introduction of medium and small sized enterprises developping condition in our country , combining to analysis financing predicament of medium and small sized enterprises , point expatiate the problem of medium and small sized enterprises in our country , main proceeds with two aspects of direct financing and indirect financing elucidation : the mortgage guarantee loan to medium and small sized enterprises procedure complicacy , limit numerous , financing institution business operating of mechanism system restrict the credit input to the medium and small sized enterprises ; the medium and small sized enterprises lack the channel and place to < wp = 7 > proceeding ownership of a share in direct financing , lack bond financing credit , did not become the diverse capital market and so forth of a series of problem 本文第一章对我国中小企业发展状况作了简单介绍，并对我国中小企业融资困境进行了分析，重点阐述了我国中小企业融资中存在的问题，主要从间接融资和直接融资两个方面进行说明：中小企业抵押担保贷款程序复杂，限制繁多，金融机构商业化的经营机制制约了对中小企业的信贷投入；中小企业在直接融资中缺乏进行股权融资的渠道和场所，债券融资资信不足，未形成多样化的资本市场等一系列问题。 < wp = 5 >本文第二章说明我国中小企业可以吸取国外的先进经验，采取融资租赁的方式缓解中小企业融资难的问题。
Since 1990s , directing financing in the financial market developed rapidly , but corporate bond financing , as an important part of direct financing , obviously lagged behind stock financing . and its development lagged behind government bond and financial bond in the bond market 20世纪90年代以来，我国金融市场中的直接融资有了较快的发展，但是，作为直接融资重要组成部分的企业债券融资明显滞后于股票融资；而在债券市场中，企业债券的发展又严重滞后于国债和金融债。
Firstly , based on the essential m - m theorem , this paper contrasts stock financing and bank credit . it then analyses the comparative advantage of bond financing . in addition , according to “ corporation bond management regulation ” , it analyses the differentiation and relationship between corporation bond in our country and that in the international market , indicating that corporation bond has played a critical role in the economic construction in china 首先，本文以债券融资的基本理论m - m定理为基础，对比股票融资和银行信贷融资方式，分析债券融资的比较优势，并根据我国《企业债券管理条例》分析我国企业债券与国际上的公司债券的区别和联系，以及我国企业债券在我国的经济建设中发挥的重要作用。
At the same time , together with increasing bank crediting and indirect financing , capital markets should be further developed to change the unused social funds into capital funds . in terms of direct financing , corporate bond financing markets is important and needs consideration . and hi stock financingjspecial attention should be paid to adjust the relationship of financing scale and stock ownership structure 同时，应在继续扩大银行信贷、发展间接融资的同时，大力发展资本市场，在直接融资中应注意发展企业债券融资市场，在股票融资中应注意调整融资规模与股权结构之间的关系。
On one hand , these reforms are caused by market and economic adjustment , on the other hand , it is also the initiative exploration of the administration structure but the exploration is unsuccessful , the corresponding results include that the financial burden is heavy , and bank and the listed companies sacrifice medium and small investor ' s interests etc . because the listed company only regards security market of our country as the place to use the fund free at first , there is no comparativity between utilizing bond financing , bank loan , and other channels to raise enterprise development funds and stock financing 从上世纪80年代初期以前的财政资金供给到银行信贷资金的供给，再到利用资本市场进行股票及债券等融资方式的出现，这些改革一方面是市场以及经济环境的变化引起的迫不得已的调整，另一方面也是企业(或主管部门)为了提高企业效率，完善企业内部治理结构的主动探索。但从结果上来看，这些探索并不成功，相应的出现了财政负担过重，银行不良资产过多以及上市公司牺牲中小投资者利益，在市场上“圈钱”等现象。由于上市公司最初仅仅是把我国的证券市场当作获取免费使用资金的场所，利用债券融资、银行贷款等渠道筹措企业发展资金和股票融资没有可比性。
Second , it ' s the request of the rule of allocation efficiency of social resource that impels the developed countries " companies to rely on internal financing and bond financing mainly . the financing structure rely on stock financing mainly in the developing countries and regions in 1980s " tends to accumulate enormous financial risks for the whole capital market for a long run , and will be harmful for the allocation efficiency of the social resource 2 、发达国家日益开拓内源融资为主、外源融资中以债券融资为主的融资结构，是基于社会资源配置效率的要求；而上世纪80年代非发达国家和地区以股权融资为主导的融资结构会给整个资本市场积累巨大金融风险，不利于社会资源配置效率的可持续发挥。
The discussion of indirect financing system starts with the establishing of sme financing organizations , sme policy bank and sme financing company , security financing system , and introduce briefly other financing means of sme ; the direct financing system emphasized on bond financing , venture capital and second market financing 间接融资体系主要从建立中小金融机构、中小企业政策性银行、中小企业融资公司、融资担保体系等方面展开论述，并介绍了其他几种适合中小企业融资的间接方式；直接融资体系主要从债券融资、风险投资、二板市场上市融资等方面展开论述。
